AIICO records N3.2b profit in 2014

Increases premium by 42 per cent

AIICO Insurance PLC has announced a profit before tax of N3.2 billion for year ended December 31, 2014, resulting in a 156 per cent increase over N1.2billion loss recorded in the corresponding period of 2013.

The company’s profit after tax grew by 202 per cent from a loss position of N739million in 2013 to N2.2 billion for the period under review (2014).

Gross premium written (GPW) for the period also grew to N33.6 billion representing 42 per cent growth compared to N23.6 billion, while underwriting profit increased by 91 per cent from N2.7 billion to N5.2 billion.

The company’s total assets for the Group also grew by 38 per cent from N42 billion in 2013 to N58 billion in 2014.

The Chairman of AIICO Insurance Plc, Chief (Dr.) Oladele Fajemirokun, while speaking to press men promised that the company would sustain the momentum for profits and market leadership, by becoming a truly world class financial services group and economic powerhouse.

The Managing Director/Chief Executive Officer, AIICO PLC, Edwin Igbiti, while speaking at the recently held 45th AGM of the company stated that the company’s financial performance is evidence of the dexterity and dedication of its people, a customer centric culture and high corporate governance standards.

While also commenting on the 2014 full year results, the newly appointed Executive Director, Babatunde Fajemirokun, said “the company’s performance is in line with the company’s FY 2014 objectives of strengthening our balance sheet, our business model and our people. The upturn in our net earnings is attributable to disciplined underwriting of risks in our target segments, improved operational efficiency and focus on value creation”.

The shareholders also commended the Board and Management of the insurance company for improving the financial strength despite the challenges in the operating environment in the 2014 financial year.